The Nigerian equities market experienced a decline on Tuesday, resulting in a ₦286 billion loss for investors due to falling stock prices, notably in ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. The ASI fell to 106,164.64 points, with mixed results overall, comprising 23 gainers and 29 decliners across numerous transactions.
On Tuesday, the Nigerian equities market experienced a downturn, concluding the trading day with a loss of ₦286 billion for investors. The decline was influenced by decreasing share prices of several companies, including ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. The total equity capitalization fell to ₦66.4 trillion from ₦66.7 trillion recorded on the prior day.
The benchmark All-Share Index (ASI) decreased significantly, dropping from 106,621.91 points to 106,164.64 points. In this session, 23 stocks saw price increases while 29 stocks declined, with 71 stocks remaining stable across 12,466 transactions. Noteworthy gainers included LIVESTOCK, CORNERST, and INTENEGINS, which registered growth rates of 9.93%, 9.25%, and 8.99%, respectively.
Conversely, ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE recorded significant losses in share prices, declining by 7.98%, 7.46%, and 7.35%. FIDELITY BANK led the trading volume with 29 million shares across 456 deals, followed closely by ACCESS CORP and GTCO, which traded 28 million shares each. In terms of value, GTCO topped the chart with N1.6 billion worth of transactions.
In summary, the Nigerian equities market has reverted to a bearish stance, reflecting significant losses attributed to declining stock prices of key players. The day noted a mixture of gains and losses among the listed stocks, with substantial volume and value shifts noted in several market participants, indicating ongoing fluctuations in investor confidence within the market.
Original Source: www.ripplesnigeria.com
